Indonesia’s top digital banking solution, TMRW, has announced the launch of an E-Commerce BNPL service it calls “TMRW Pay.”
According to the mobile-only banking solution, the new platform will enable consumers in the country to effectively manage their budgeting needs.
TMRW will be offering deferred payment services to consumers, who will also have to pay no interest on the loan for a period of up to 90 days. Additionally, the consumers will have the opportunity to receive credits through Bhinneka, the official partner of UOB Indonesia for the project.
Bhinneka is currently one of the largest e-commerce platforms in Indonesia. The company has more than 70,000 unique products listed, as well as over 1 million monthly active users.
The Firm To Offer Easier Online Access To Credit
UOB says it decided to partner with Bhinneka to offer such a service due to the increasing demand for e-commerce purchases with credit cards. According to the platform, more than 50% of all transactions using the TMRW credit cards from January to October 2021 were for e-commerce purchases.
Apart from the collaboration with Bhinneka, the online banking firm added that it plans to work with more “like-minded partners” to provide easier online access to credit for its customers.
The New Feature Offers More Easy Access To Credit
President Director of UOB Indonesia Hendra Gunawan commented on the development. He stated that more consumers are looking for alternative methods of financing to take care of their budgeting needs. They are looking to manage their finances and budget, which is driving them towards credit-oriented institutions that offer swift and easy access to credit.
As a result, “we anticipate that deferred payment services will become more popular,” Hendra commented.
He added that UOB is seriously looking at the partnership prospects with Bhinneka, one of the biggest e-commerce platforms in Indonesia. Hendra stated that the plan is to offer more flexibility to Indonesians to want to have better control of their budgeting needs and finances.